Triangle

Course overview

How do government economic policies affect us? What drives inflation and interest rates? How can using mathematical models help tackle unemployment? Our BSc Mathematics and Economics explores these questions and more.

This course enables you to study mathematics whilst learning key economic principles. It is run jointly with the School of Economics.

About mathematics and economics at the University of Notttingham

You will study core first-year mathematics modules in topics such as calculus, probability and statistics. This will develop your skills in problem solving and analytical thinking. The year will include an overview of economics, covering micro and macro economics.

As you progress to the later years of your degree, you'll have more flexibility to choose topics from optional modules. You'll choose a dedicated economics pathway subject to your interests in:

  • microeconomics
  • macroeconomics
  • econometrics

In your final year you have the option to do a mathematics group project. This gives you the chance to work collaboratively on a substantial maths problem. You'll be supervised by expert teaching staff. This is an excellent opportunity to develop your report-writing and team-working skills.

Careers and employability

These transferable skills can help in your career planning. Many of our graduates work in roles including government, international trade and education.

Why choose this course?

Multidisciplinary

gain understanding of maths and economics

Attend guest lectures

join talks and workshops run by our Industrial Advisory Group and alumni

Transferable skills

in group work, presentations and projects

Hands-on experience

through optional work placement year

PASS

students in higher years help with first-year topics and support you to settle in

Peer-Assisted Study Support programme

Spend time abroad

gain confidence and amazing experiences

Fundamental learning

no prior knowledge of economics is required


Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2023 entry.

UK entry requirements
A level A*AA/AAA
Required subjects

At least A in A level mathematics. Required grades depend on whether A/AS level further mathematics is offered.

IB score IB 36; 6 in maths at Higher Level. For students studying the International Baccalaureate we require Higher Level Maths Analysis and Approaches.

A level

Standard offer

A*AA including A* Mathematics

or

AAA including Mathematics and Further Mathematics

or

AAA including Mathematics, plus A in AS Further Mathematics

 

A level General Studies, Critical Thinking and Citizenship Studies are not accepted.

GCSEs

English 4 (C) (or equivalent)

University admissions tests

STEP/MAT/TMUA is not required but may be taken into consideration when offered.

Contextual offers

A Levels - AAB including A in Mathematics or Further Mathematics

This type of offer is given to students who meet our contextual admissions or elite athlete criteria.

Find out more about contextual offers at University of Nottingham

Alternative qualifications

In all cases we require applicants to have at least the equivalent of A level Mathematics, so we typically only accept alternative qualifications when combined with an appropriate grade in A level Mathematics.

Foundation progression options

If you don't meet our entry requirements there is the option to study the Engineering and Physical Sciences Foundation Programme. If you satisfy the progression requirements, you can progress to any of our mathematics courses.

There is a course for UK students and one for EU/international students.

Other foundation year programmes are considered individually, but you must have studied maths at an advanced level (up to A-level standard).

Learning and assessment

How you will learn

You will broaden and deepen your knowledge of mathematical ideas and techniques using a wide variety of different methods of study.

In both academia and the wider world of work, mathematics has become a collaborative discipline, and our degree programme takes this into account. As well as more traditional individual study methods, where you work on challenging mathematical problems, you will also collaborate with other students in group problem solving sessions. You will write about your work in reports and present your findings to your study group.

Teaching methods

  • Computer labs
  • Lectures
  • Seminars
  • Tutorials
  • Problem classes
  • Workshops
  • Placements

How you will be assessed

You will be assessed using a combination of examinations, coursework, computing assignments, group projects and presentations. The specific combination of learning activities will depend on your choice of modules and will be aligned with the topics covered.

The first year is a qualifying year but does not count towards your final degree classification. Your final degree classification will be based on marks gained for your second and subsequent years of study. Year two is worth 33% with year three worth 67% of your final marks.

You will be given a copy of our marking criteria which provides guidance on how your work is assessed. Your work will be marked in a timely manner and you will have regular opportunities to give and receive feedback on your progress with your tutor and lecturers.

Assessment methods

  • Coursework
  • Group project
  • Poster presentation
  • Research project
  • Written exam
  • Presentation

Contact time and study hours

The course is a joint honours degree jointly offered by the School of Mathematical Sciences and the School of Economics.

The majority of modules are worth 10 or 20 credits. You will study modules totalling 120 credits in each year. As a guide one credit equates to approximately 10 hours of work. During the first year, you will typically spend approximately:

  • 12 hours a week in lectures
  • 4 hours a week in problem classes
  • 1 hour each week in tutorials with your personal tutor
  • 1 hour a week in computing workshops across the Autumn and Spring terms
  • 1 hour each fortnight in student-led, Peer-Assisted Study Support (PASS) sessions

You can attend optional drop-in sessions each week up to a maximum of three hours and the remaining time will be spent in independent study.

The breakdown of study time in subsequent years will be subject to your module selection.

In your first year you will meet with your personal tutor every week during term time. In small groups of 5-6 students, you'll run through core topics and practice working together in a group to solve problems and communicate mathematics effectively.

All of our maths modules are delivered by lecturers or professors. PhD students sometimes support problem classes and computing workshops in their areas of expertise. Lectures in the first two years often include at least 200 students but class sizes are much more variable in the third year subject to module selection.

Study abroad

Not available for this degree.

 

Year in industry

A industrial year can improve your employability.

You can apply to do a placement year between years two and three. This would add an extra year to your degree. You'll pay a reduced tuition fee for this year.

It is your responsibility to find a position but you'll have help from the school and the Careers and Employability Service. It could be in the UK or abroad. While on placement, you'll be supported by a Placement Tutor.

If you are interested in spending a year in industry as part of your degree, find out more about the Optional placement year.

Placements

Some students choose to do a summer placement to improve their employability. The Careers and Employability service can help you with this.

Find out more

Study Abroad and the Year in Industry are subject to students meeting minimum academic requirements. Opportunities may change at any time for a number of reasons, including curriculum developments, changes to arrangements with partner universities, travel restrictions or other circumstances outside of the university’s control. Every effort will be made to update information as quickly as possible should a change occur.

Modules

Two thirds of the first year is devoted to mathematics and the remainder of the year to economics.

Core modules

Analysis and Calculus

Calculus provides the basic, underpinning mathematics for much of modern technology, from the design of chemical reactors and high-speed trains, to models for gene networks and space missions.

The basic ideas that underpin calculus are functions and limits. To study these rigorously you need to learn about the tools of mathematical analysis. In addition to differential equations and the calculus of functions of one or more variables and their differentiation, integration and analysis, you will learn the basics of logic and how to construct rigorous proofs.

Careers and Employability for Economists

This module aims to provide a means for enabling students to reflect on their personal development and the implications this might have for their future career paths. It will include:

  • guidance on recording and evaluating skills
  • guidance on careers from the Careers and Employability Service
  • information, guidance and advice form a range of graduate employers and alumni
Introduction to Economics

This module introduces you to microeconomics and macroeconomics. This module introduces you to the microeconomic theory of the market and the firm. Topics covered include:

  • market demand
  • supply and equilibrium
  • firm production and costs
  • market structure
  • perfect competition
  • monopolistic competition
  • oligopoly and monopoly

This module introduces you to the nature and scope of the macroeconomic policy agenda, and develops the analytical frameworks necessary for the evaluation of policy instruments. The module enables you to understand the economic arguments that under-lie different views and to evaluate relevant arguments.

Linear Algebra

Linear algebra underpins many areas of modern mathematics. The basic objects that you will study in this module are vectors, matrices and linear transformations. Topics covered include:

  • vector geometry
  • matrix algebra
  • vector spaces
  • linear systems of equations
  • eigenvalues and eigenvectors
  • inner product spaces.

The mathematical tools that you study in this module are fundamental to many mathematical, statistical, and computational models of the real world.

Probability 1

Probability theory allows us to assess risk when calculating insurance premiums. It can help when making investment decisions. It can be used to estimate the impact that government policy will have on climate change or the spread of disease. 

You will study the theory and practice of discrete and continuous probability, including topics such as:

  • Bayes’ theorem
  • multivariate random variables
  • probability distributions
  • the central limit theorem
Programming for Mathematics

There is no area of modern mathematics that does not use computational methods to make progress on problems with which the human brain is unable to cope due to the volume of calculations required.

Scientific computation underpins many technological developments in all sectors of the economy. You'll learn how to write code for mathematical applications using Python.

Python is a freely available, widely-used computer language. No previous computing knowledge will be assumed. It will be used throughout your degree programme.

Statistics 1

Statistics is concerned with methods for collecting, organising, summarising, presenting and analysing data. It enables us to draw valid conclusions and make reasonable decisions based on statistical analysis. It can be used to answer a diverse range of questions in areas such as the pharmaceuticals industry, economic planning and finance. 

The module covers statistical inference, you'll learn how to analyse, interpret and report data. Topics that you’ll learn about include:

  • point estimators and confidence intervals
  • hypothesis testing
  • linear regression
  • goodness-of-fit tests

Optional modules

Skills for Economists

This module aims to introduce you to the essential skills required for writing as an economist. It will be delivered in conjunction with Libraries, Research and Learning Resources (LRLR), who will cover content on key information skills relating to the library and learning resources.

It will give an introduction to the language of economics and basic research skills and how to write essays and exams. Among the topics covered will be:

  • academic integrity and plagiarism
  • time management
  • writing essays
  • writing quantitative projects
  • presentation skills
  • referencing and using the internet
  • revision and examinations
The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on Friday 17 June 2022.

Your time in the second year is equally split between mathematics and economics. In both subjects there is a wide range of modules to choose from.

You can specialise in different areas of maths with economics. In total you must take 60 credits of mathematics and 60 credits of economics.

During this year you will benefit from modules informed and developed alongside alumni members and employers, ensuring they are topical and relevant for future careers.

Core mathematics modules

Differential Equations

This module introduces various analytical methods for the solution of ordinary and partial differential equations.

You will begin by studying asymptotic techniques, which can be used when the equations involve a small parameter, which is often the case. We will also study some aspects of dynamical systems theory, which has wide applicability to models of real world problems.

Vector Calculus

This module teaches you the mathematical foundations of multidimensional differential and integral calculus of scalar and vector functions. This provides essential background for later study involving mathematical modelling with differential equations, such as fluid dynamics and mathematical physics. You will learn about vector differential operators, the divergence theorem and Stokes’ theorem, as well as meeting various curvilinear coordinate systems.

Economics pathway A

Microeconomic Theory

This module covers intermediate microeconomics including general equilibrium analysis; welfare economics; elementary game theory; and strategic behaviour of firms.

Macroeconomic Theory

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

  • introducing the modern theory of expectations and economic dynamics
  • using this approach to think about short run fluctuations
  • studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand, insights from Keynesian economics. This will serve as a base to discuss the role of macro policy in controlling for fluctuations in output and employment. 

Or:

Economics pathway B

Microeconomic Theory

This module covers intermediate microeconomics including general equilibrium analysis; welfare economics; elementary game theory; and strategic behaviour of firms.

Econometric Theory

The module introduces you to a range of statistical techniques that can be used to analyse the characteristics of univariate economic time series. The basic theoretical properties of time series models are discussed and we consider methods for fitting and checking the adequacy of empirical time series models. Methods of forecasting future values of economic time series are then considered. If reassessment is required, a single examination will replace all failed assessment components of the module.

Or:

Economics pathway C

Econometric Theory

The module introduces you to a range of statistical techniques that can be used to analyse the characteristics of univariate economic time series. The basic theoretical properties of time series models are discussed and we consider methods for fitting and checking the adequacy of empirical time series models. Methods of forecasting future values of economic time series are then considered. If reassessment is required, a single examination will replace all failed assessment components of the module.

Macroeconomic Theory

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

  • introducing the modern theory of expectations and economic dynamics
  • using this approach to think about short run fluctuations
  • studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand, insights from Keynesian economics. This will serve as a base to discuss the role of macro policy in controlling for fluctuations in output and employment. 

Optional modules

Subject to your interests, you can tailor your stream with the following module choice combinations.

Applied Mathematics

How can the flight-path of a spacecraft to another planet be planned? How many fish can we catch without depleting the oceans? How long would it take a lake to recover after its pollution is stopped?

The real world is often too complicated to get exact information. Instead, mathematical models can help by providing estimates. In this module, you’ll learn how to construct and analyse differential equations which model real-life applications.

Your study will include:

  • modelling with differential equations
  • kinematics and dynamics of moving bodies
  • Newton’s laws, balance of forces
  • oscillating systems, springs, simple harmonic motion
  • work, energy and motion

You'll be able to expand on these techniques later in your degree through topics such as:

  • black holes, quantum theory
  • fluid and solid mechanics
  • mathematical medicine and biology
  • mathematical finance
Development Economics

This module is a general introduction to the economic problems of developing countries. The module will cover such topics as:

  • the implications of history and expectation
  • poverty, income distribution and growth
  • fertility and population
  • employment, migration and urbanisation
  • markets in agriculture
  • agricultural household models
  • risk and insurance
  • famines
Econometric Theory I

This module generalises and builds upon the econometric techniques covered in the year one module, Mathematical Economics and Econometrics. This will involve introducing a number of new statistical and econometric concepts, together with some further development of the methodology that was introduced in year one. The multivariate linear regression model will again provide our main framework for analysis.

Econometric Theory II

This module introduces you to a range of statistical techniques that can be used to analyse the characteristics of univariate economic time series. The basic theoretical properties of time series models are discussed and we consider methods for fitting and checking the adequacy of empirical time series models. Methods of forecasting future values of economic time series are then considered.

Environmental and Resource Economics

This module will look at:

  • market failure and the need for environmental policy - the Coase theorem
  • instruments of environmental policy - efficiency advantages of market instruments
  • applications of market instruments, especially the EU Emission Trading Scheme
  • fisheries - the open access problem and rights-based policies
  • valuation of the benefits of environmental policy
  • biodiversity and its benefits
  • international trade in polluting goods
  • mobile capital: race to the bottom?
Experimental and Behavioural Economics

This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their wellbeing by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions.

The module will introduce you to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty, decision-making in strategic situations and competition in markets.

Financial Economics

This module will offer an introduction to some theoretical concepts related to the allocation of risk by financial institutions. Then it will apply these concepts to the analysis of financial and banking crises.

Industrial Economics

This module provides an economic analysis of the theory and practice of organisation of firms and industries. It explores the nature of competition among firms and their behaviour in various markets, with the specific emphasis on imperfectly competitive markets. Tools for both empirical and theoretical approaches to the analysis of industries are covered.

Starting from a detailed analysis of market structures, the module goes on to discuss various aspects of firms' behaviour and their influence on market outcome. Among the behaviours covered in the module are price discrimination, vertical integration, advertising, research and development activities and entry and exit of firms. Government regulation of industries is also discussed.

International Trade

This module is an introduction to international trade theory and policy. It covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade and modern topics like foreign outsourcing. On the policy side, it examines the effects of different government trade policy instruments and the role of international trade agreements.

Labour Economics

This module provides an introduction to the economics of the labour market. We will look at some basic theories of how labour markets work and examine evidence to see how well these theories explain the facts.

Particular attention will be given to the relationship between the theory, empirical evidence and government policy. The module will refer especially to the UK labour market, but reference will also be made to other developed economies.

Macroeconomic Theory

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

  • introducing the modern theory of expectations and economic dynamics
  • using this approach to think about short run fluctuations
  • studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand, insights from Keynesian economics. This will serve as a base to discuss the role of macro policy in controlling for fluctuations in output and employment. 

Microeconomic Theory

This module covers intermediate microeconomics including general equilibrium analysis; welfare economics; elementary game theory; and strategic behaviour of firms.

Monetary Economics

This module will provide a foundation for the monetary economics modules in the third year and is a complement to financial economics for the second and third years. It will cover topics such as the definitions and role of money, portfolio choice, financial markets and banks, central banks and monetary policy, and the monetary transmission mechanism. 

Under these headings the module will address issues of theory, policy and practice relating to recent experience in the UK and other countries. The module will feature some current debates and controversies based on recent events.

Probability 2

This module will develop your understanding of probability theory and random variables from Probability 1. There's particular attention paid to continuous random variables.

Fundamental concepts relating to probability will be discussed in detail, including limit theorems and the multivariate normal distribution. You will then progress onto more advanced topics such as transition matrices, one-dimensional random walks and absorption probabilities.

Public Sector Economics

This module looks at:

  • public finances in the UK
  • market failures
  • fundamental theorems of welfare economics
  • social welfare functions
  • externalities
  • public goods
  • natural monopolies
  • public choice
  • social insurance: social security, taxation and equity
  • excess burden of taxation and tax incidence
Pure Mathematics

Pure mathematics at university is typically very different to the pure mathematics you've learnt at school or college.

In this module, you'll use the language of sets, functions and relations to study abstract mathematical ideas. You will also learn how to construct mathematical proofs. Topics that you will learn about include:

  • set theory
  • prime numbers
  • symmetry and groups
  • rings, fields and integer
  • polynomial arithmetic
Real and Complex Analysis

This module will further develop your understanding of the tools of real and complex analysis. This provides you with a solid foundation for subsequent modules in metric and topological spaces, relativity, and numerical analysis.

You’ll study topics such as:

  • the Bolzano-Weierstrass Theorem
  • norms, sequences and series of functions
  • differentiability
  • the Riemann integral

You will also learn about functions of complex variables and study topics including, analyticity, Laurent series, contour integrals and residue calculus and its applications.

Scientific Computation

Most mathematical problems cannot be solved analytically or would take too long to solve by hand. Instead, computational algorithms must be used. 

Scientific Computation teaches you about algorithms for approximating functions, derivatives, and integrals, and for solving many types of equation.

Statistics 2

The first part of this module provides you with an introduction to statistical concepts and methods. The second part introduces a wide range of techniques used in a variety of quantitative subjects. The key concepts of inference including estimation and hypothesis testing will be described, as well as practical data analysis and assessment of model adequacy.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on

As for year two, your time is equally divided between both disciplines with a wide range of optional modules in mathematics and economics.

Optional mathematics modules

Applied Statistical Modelling

During this module you will build on your theoretical knowledge of statistical inference by a practical implementation of the generalised linear model. You will progress to enhance your understanding of statistical methodology including the analysis of discrete and survival data. You will also be trained in the use of a high-level statistical computer program.

Coding and Cryptography

This module provides an introduction to coding theory in particular to error-correcting codes and their uses and applications. You’ll learn cryptography, including classical mono- and polyalphabetic ciphers.  There will also be a focus on modern public key cryptography and digital signatures, their uses and applications.

Discrete Mathematics and Graph Theory

In this module, a graph consists of vertices and edges, each edge joining two vertices. Graph theory has become increasingly important recently through its connections with computer science and its ability to model many practical situations.

Topics covered include:

  • paths and cycles
  • the resolution of Euler’s Königsberg Bridge Problem
  • Hamiltonian cycles and many others
Game Theory

Game theory is relevant to many branches of mathematics (and computing); the emphasis here is primarily algorithmic. The module starts with an investigation into normal-form games, including strategic dominance, Nash equilibria, and the Prisoner’s Dilemma. 

We look at tree-searching, including alpha-beta pruning, the ‘killer’ heuristic and its relatives. It then turns to the mathematical theory of games, exploring the connection between numbers and games, including Sprague-Grundy theory and the reduction of impartial games to Nim.

Linear Analysis

You will study an introduction to the ideas of functional analysis with an emphasis on Hilbert spaces and operators on them. Many concepts from linear algebra in finite dimensional vector spaces, for example, writing a vector in terms of a basis, eigenvalues of a linear map, diagonalization, have generalisations in the setting of infinite dimensional spaces.

This makes this theory a powerful tool with many applications in pure and applied mathematics.

Mathematical Finance

You will explore the concepts of discrete time Markov chains to understand how they used. We will also provide an introduction to probabilistic and stochastic modelling of investment strategies, and for the pricing of financial derivatives in risky markets.

You will gain well-rounded knowledge of contemporary issues which are of importance in research and workplace applications.

Mathematics Group Projects

This module involves the application of mathematics to a variety of practical, open-ended problems - typical of those that mathematicians encounter in industry and commerce.

Specific projects are tackled through workshops and student-led group activities. The real-life nature of the problems requires you to develop skills in model development and refinement, report writing and teamwork. There are various streams within the module, for example:

  • Pure Mathematics
  • Applied Mathematics
  • Data Analysis
  • Mathematical Physics

This ensures that you can work in the area that you find most interesting.

Metric and Topological Spaces

A metric space generalises the concept of distance familiar from Euclidean space. It provides a notion of continuity for functions between quite general spaces. The module covers:

  • metric spaces
  • topological spaces
  • compactness
  • separation properties like Hausdorffness and normality
  • Urysohn’s lemma
  • quotient and product topologies, and connectedness

Finally, Borel sets and measurable spaces are introduced.

Multivariate Analysis

This module is concerned with the analysis of multivariate data, in which the response is a vector of random variables rather than a single random variable. A theme running through the module is that of dimension reduction.

Key topics to be covered include:

  • principal components analysis
  • modelling and inference for multivariate data
  • classification of observation vectors into sub-populations using a training sample
  • canonical correlation analysis
  • factor analysis
  • methods of clustering
  • multidimensional scaling
Optimisation

In this module a variety of techniques of mathematical optimisation will be covered including Lagrangian methods for optimisation, simplex algorithm linear programming and dynamic programming.

These techniques have a wide range of applications to real world problems, in which a process or system needs to be made to perform optimally.

Statistical Inference

This module is concerned with the two main theories of statistical inference, namely classical (frequentist) inference and Bayesian inference.

You will explore the following topics in detail:

  • sufficiency
  • estimating equations
  • likelihood ratio tests
  • best-unbiased estimators

There is special emphasis on the exponential family of distributions, which includes many standard distributions such as the normal, Poisson, binomial and gamma.

Stochastic Models

This module will develop your knowledge of discrete-time Markov chains by applying them to a range of stochastic models. You will be introduced to Poisson and birth-and-death processes. You will then move onto more extensive studies of epidemic models and queuing models, with introductions to component and system reliability.

Optional economics modules

Advanced Econometric Theory

This module generalises and builds upon the material covered in the Econometric Theory I and II. In the first part of the module, we study large sample, or asymptotic, theory. This is needed in order to obtain tractable results about the behaviour of estimators and tests when the standard modelling assumptions - which frequently cannot be verified in practice - are relaxed.

The second part of the module continues the time series analysis taken in Econometric Theory II, with the emphasis on the behaviour of typical economic time series, and the implications of that behaviour in practical analysis, such as the construction of models linking economic time series. The key issues addressed will be the identification of non-stationarity through the construction of formal tests and the implications for modelling with non-stationary data.

Particular attention will be paid to the contributions of Sir Clive Granger to the spurious regression problem and to cointegration analysis, for which he was ultimately awarded the Nobel Prize.

Advanced Experimental and Behavioural Economics

This module discusses aspects of some of the main sub-areas of experimental and behavioural economics. This includes applications related to individual decision-making, strategic behaviour and market behaviour.

The module encourages reflection on both the role of experiments in economics and the assumptions that economics does (and should) make about people’s motivations. Both experimental economics and behavioural economics are still comparatively new fields within the wider discipline.

The module considers their potential and main achievements, relative to more traditional economic techniques. It encourages development of critical skills and reflection on specific research contributions in experimental and behavioural economics.

Advanced Development Economics

This module adopts a broad focus on factors influencing growth and development, concentrating on core economic policy areas and the role of international organisations.

Topics covered include macroeconomic policies, in particular exchange rates and the role of the IMF; aid policy and the World Bank, effects of aid on growth, macroeconomic and fiscal policy, and poverty; trade policy and performance and the WTO; economic reforms and growth experiences in East Asia, China and Africa; human development and the UN Sustainable Development Goals.

Advanced Financial Economics

This module covers:

  • saving, focusing on how agents make intertemporal decisions about their savings and wealth accumulation
  • saving puzzles and household portfolios, focusing on credit markets and credit markets' imperfections, and why do households hold different kinds of assets
  • asset allocation and asset pricing, focusing on intertemporal portfolio selection, asset pricing and the equity premium puzzle
  • bond markets and fixed income securities
  • the term structure of interest rates
  • the role of behavioural finance in explaining stock market puzzles
Advanced Industrial Economics

This module provides an advanced economic analysis of the theory of organisation of firms and industries. It will analyse a variety of market structures related to the degree of market competition with a special emphasis on imperfectly competitive markets. It will also analyse issues related to the internal organisation of firms.

Advanced International Trade I

This module looks at:

  • trade policy
  • economic policy for trade and international factor mobility
  • theory and evidence
  • trade policy and imperfect competition
  • trade and distortions
  • the political economy of protection
  • trade policy reform
Advanced International Trade II

This module covers:

  • models of intra-industry trade
  • trade policy in oligopolistic industries
  • multinational enterprises
  • testing trade theories
  • the WTO and "new issues"
Advanced Labour Economics

This module covers an economic analysis of the labour market, with an emphasis on policy implications and institutional arrangements.

Advanced Mathematical Economics

This module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail.

Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented.

Advanced Macroeconomics

This module covers:

  • dynamic general equilibrium models, focusing on how the time path of consumption, and saving, is determined by optimising agents and firms that interact on competitive markets
  • growth in dynamic general equilibrium, focusing on the Solow model and the data, and the role played by accumulation of knowledge (endogenous innovation) in explaining long run growth
  • Real Business Cycles (RBC), focusing on how the RBC approach accounts for business cycle fluctuations, and what links short run fluctuations and growth processes
Advanced Microeconomics

This module will cover topics in advanced microeconomics and decision theory. The precise content may vary from year to year, but the module will start from the basis established by the Microeconomic Theory module.

Advanced Monetary Economics

This module provides a rigorous introduction to formal models of money in the macroeconomy. Following this, applications for areas of central banking, finance and international macroeconomics will be explored.

Advanced Political Economy

This module covers: 

  • Foundations:
    • The rational political individual?
    • Voter participation
    • Collective action and the role of the state
  • Core Political Economy:
    • The economic approach to politics
    • Political aspects of economics: rights and the limits of the state
    • Political aspects of economics: inequality and the duties of the state
  • Political Economy in Action:
    • Political economy in action: some current issues in political economy
Dissertation

An independent research project, involving the application of techniques of economic analysis to a self-chosen research topic and the presentation of a written report. There will be lectures to provide general guidance on economic research methods and writing an undergraduate dissertation in economics.

Topics include:

  • introduction to the dissertation
  • types of dissertation
  • literature reviews
  • sources of data
  • writing up your dissertation
  • data entry and data management
  • an introduction to STATA
  • descriptive statistics
  • practical issues in regression analysis
  • model selection
  • endogeneity bias
Economic Policy Analysis I

This module will introduce you to economic policy analysis. It will focus on the role played by different institutional rules in shaping the behaviour of elected governments by providing incentives to elected governments.

Economic Policy Analysis II

This module will cover post-crisis monetary policy; controlling money markets with excess reserves; spill-overs of QE; effects of QE on asset and credit markets; low real equilibrium interest rates; uncertainty in monetary policy.

International Money and Macroeconomics

This module will provide an introduction to international monetary issues, including the determination of exchange rates and international spill-over effects. 

Microeconometric Methods

This module focuses on a range of econometric methods used in policy evaluation and in the identification and estimation of causal effects. Topics to be covered include:

  • potential outcomes framework
  • regression analysis and matching
  • instrumental variables
  • difference-in-differences
  • regression discontinuity
The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on
  • Become a PASS leader in your second or third year. Teaching first-year students reinforces your own mathematical knowledge. It develops communication, organisational and time management skills which can help to enhance your CV when you start applying for jobs
  • The Nottingham Internship Scheme provides a range of  paid work experience opportunities and internships throughout the year
  • The Nottingham Advantage Award is our free scheme to boost your employability. There are over 200 extracurricular activities to choose from
  • The University of Nottingham Mathematics Society offers students a chance to enjoy various activities with others also studying mathematics. Examples of events they arrange are formal balls, river cruises, sport and other social activities. They also organise careers events and subject talks by guest speakers featuring popular maths topics.
  • Nottingham Economics and Finance Society (NEFS) offers sporting, careers and social activities too.

Fees and funding

UK students

£9,250
Per year

International students

To be confirmed in 2022*
Keep checking back for more information

*For full details including fees for part-time students and reduced fees during your time studying abroad or on placement (where applicable), see our fees page.

If you are a student from the EU, EEA or Switzerland, you may be asked to complete a fee status questionnaire and your answers will be assessed using guidance issued by the UK Council for International Student Affairs (UKCISA) .

Additional costs

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

Books

You should be able to access most of the books you’ll need through our libraries, though you may wish to purchase your own copies.

Printing

Due to our commitment to sustainability, we don’t print lecture notes but these are available digitally. 

Study abroad

If you study abroad, you need to consider the travel and living costs associated with your country of choice. This may include visa costs and medical insurance. 

Equipment

To support your studies, the university recommends you have a suitable laptop to work on when on or off campus. If you already have a device, it is unlikely you will need a new one in the short term. If you are looking into buying a new device, we recommend you buy a Windows laptop, as it is more flexible and many software packages you will need are only compatible with Windows.

Although you won’t need a very powerful computer, it is wise to choose one that will last. The University has prepared a set of recommended specifications to help you choose a suitable laptop.

If you are experiencing financial difficulties and you are struggling to manage your costs, the Hardship Funds may be able to assist you.

Scholarships and bursaries

School scholarships

We offer an international orientation scholarship of £1,000 to the best international (full-time, non EU) applicants on this course.

It will be paid at most once for each year of study. If you repeat a year for any reason, the scholarship will not be paid for that repeated year. The scholarship is awarded in subsequent years to students who perform well academically (at the level of a 2:1 Hons degree or better at the first attempt). 

The scholarship will be paid in December each year provided you have:

  • completed your registration
  • been recorded as a student on a relevant course in the 1 December census
  • paid the first instalment of your fee

Home students*

Over one third of our UK students receive our means-tested core bursary, worth up to £1,000 a year. Full details can be found on our financial support pages.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International students

We offer a range of international undergraduate scholarships for high-achieving international scholars who can put their Nottingham degree to great use in their careers.

International scholarships

Careers

Maths and economics are broad and versatile subjects leading to many possible careers. Skilled individuals are found in a variety of organisations, in lots of different sectors.

Our graduates are helping to shape the future in many sectors including data analysis, finance and IT. Many work in science, engineering or consultancy, others pursue careers within government departments. Some graduates choose a career in mathematical research.

The knowledge and skills that you will gain during this degree, can typically lead to roles working as:

  • Associate data scientist
  • Client account manager
  • Corporate tax analyst
  • Macro data analyst
  • Operations analyst

Read our alumni profiles for the sort of jobs our graduates go on to do.

Graduate destinations include:

  • EY
  • Investec Bank Plc
  • PWC
  • Schroders

Further study

Each year some students choose to stay at Nottingham and join our lively group of postgraduate research students.

Average starting salary and career progression

86.8% of undergraduates from the School of Mathematical Sciences secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £27,295.*

* Data from University of Nottingham graduates, 2017-2019. HESA Graduate Outcomes. Sample sizes vary. The average annual salary is based on graduates working full-time within the UK.

88.4% of undergraduates from the School of Economics secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £32,966.*

The School of Economics ranked 2nd in the UK for boosting graduate salaries, with graduates earning an average of £8,810 more than expected five years after graduation.**

* Data from University of Nottingham graduates, 2017-2019. HESA Graduate Outcomes. Sample sizes vary. The average annual salary is based on graduates working full-time within the UK.
** The Economist British university rankings, 2017.

Studying for a degree at the University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take.

Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our careers page for an overview of all the employability support and opportunities that we provide to current students.

The University of Nottingham is consistently named as one of the most targeted universities by Britain’s leading graduate employers (Ranked in the top ten in The Graduate Market in 2013-2020, High Fliers Research).

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" The course stood out to me due to the teaching methods. There is a lot of support available and many ways to consolidate and revise previous learning. Even without having studied further maths, I feel like everyone gets to an equal footing quite quickly. "
Alexander Kitsis, BSc Mathematics and Economics

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Important information

This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.